First things first, EVAL IS HAZARDOUS AND SHOULD NEVER BE USED UNLESS YOU KNOW WHAT YOU'RE DOING! As an addendum to this, you don't know what you're doing. No matter how experienced you are as a programmer, when it comes to eval just assume you don't know what you're doing. Believe me, in the long run your sanity will thank you.
As for your problem, you're basically asking how to write an equation parser. Writing a full blown one that can handle all cases of valid input (and reliably identify invalid input) is a much bigger job than you might at first think, so if you really do need to parse string equations it may be better to look for a library that will do it for you because the chances are whoever wrote the library thought of a lot of stuff that you didn't, such as handling operator precedence and how parenthesis can modify it, how to pass strings in scientific notation, etc.
One of your comments suggests using PHP Math Parser. I've never personally used it, but I know the author by reputation well enough to believe it's a reliable library.
If your use case is always going to be as simple as your example then you can simply split the string and process the resulting fragments.
$parts = explode ("/", $var);
$foo = $parts[0] / $parts[1];